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Homes

In recent years the flourishing oil industry created such a strong demand for homes in Midland, new real estate listings were scooped up almost as soon as they hit the market. While population growth and demand remains high, the housing market in Midland is also favorable for buyers, with over 650 new houses slated for construction in the Midland area in 2015. These new homes and neighborhoods join an already stellar variety of Midland communities that offer exactly what you’re searching for, whether that’s a brand-new build in a planned community or a spacious family home on a large lot.

Those who’d prefer smaller living spaces with minimal maintenance, like busy young professionals and active retirees, will find their needs covered, too. Condominiums and townhomes in Midland range in size from 700 square feet to 1,900 square feet. Condo and townhome prices tend to appreciate at a slower rate than single-family dwellings, making them a more affordable choice in markets like Midland, where prices are more competitive.

While high demand has kept housing values high — a boon for sellers — the City of Midland and regional builders are committed to expanding the catalog of homes available. The real estate market in Midland offers good news and positive futures for both buyers and sellers.

“With the demand for homes getting closer to normal levels and prices beginning to stabilize, relocating families, first-time buyers and homeowners seeking to upgrade have a much better chance of finding a home they can afford,” noted Brian Sales, director and past president of the Permian Basin Board of REALTORS®.

A Thriving Market

Midland ranked No. 17, ahead of Austin and San Antonio, on Realtor.com’s “Hotness Index” for June 2015. The index identifies the 20 medium-to-large U.S. markets where buyers are seeking homes and sales are closing quickly.

According to the Texas A&M Real Estate Center, the average price of a home for sale in Midland is $285,000, and the median price is $244,200, with a 2.7-month inventory and 434 homes for sale. (May 2015). National real estate site Trulia reports that in-demand neighborhoods include Grassland Estates, Northgate, Fannin Terrace, Greathouse and Green Tree North.

Builders Boom

Midland’s home builders seem confident the region will continue to bring in new residents and that current homeowners will be attracted to larger homes with more modern features. The focus is on constructing true communities, where residents will have access to a variety of special amenities right in their own neighborhood.

Mark Payne Homes has built over 650 houses in the Midland area.

“We try to offer a variety of quality homes that are designed to maintain their value and complement each other,” said owner Mark Payne. “Our communities Woodland Park and Heritage Oaks offer additional amenities for residents, including a swimming pool, neighborhood clubhouse and separate kids’ splash area.”

DR Horton’s Adobe Meadows development in Midland features 225 home sites in a prime location across from the Midland Country Club. According to DR Horton City Manager Michael Copeland, the new development offers nine different floor plans with prices starting from the low $200,000s.

“Adobe Meadows offers easy access to major employment centers and residents enjoy a common area with a pool and community center,” he explained. “Many of our features, like granite countertops, gas fireplaces and Frigidaire appliances, are considered upgrades by other builders.”

Texas Classic Homes, owned and operated by Walter and Marie Pate with their son Travis, offers custom-designed homes as well as move-in ready homes for buyers.

“We focus on design and quality at every stage of construction,” said Travis. “Our new homes are Energy Star® rated and help homeowners save on energy costs.”

Walter’s grandfather Fred Barter began building homes in the 1930s and 1940s, and many of the homes he built in old Midland are still highly valued for their craftsmanship.

Betenbough Homes, founded by father and son team Ron and Rick Betenbough, has built over 5,000 homes in communities across West Texas. Their Lone Star Trails development in North Midland features three- and four-bedroom homes ranging in size from 1,400 to 2,500 square feet.

“We have a choice of 37 different floor plans which offers enough flexibility to meet the needs of almost anyone’s wish list,” explained Sales Manager Amy Laster.

Carrasco Homes is a family-owned business that has built homes in communities throughout the Midland/Odessa region, including Heritage Oaks, Los Conchos Estates, Mockingbird Oaks and Mayfield Place.

“Our workers are held to high standards as far as quality and we do everything we can to make sure our clients receive their dream home,” noted Vicente Carrasco.

Rental and Corporate Housing

For those seeking to rent or lease on a short- or long-term basis, apartment rents are decreasing in a market that has become very competitive. ApartmentList.com reports that rents for one-bedroom apartments in Midland have dropped by more than 10 percent, and two-bedroom apartments have seen rent decreases of more than 8 percent. The average one-bedroom rent in Midland is $1,250 and the average two-bedroom rents for $1,430. Some apartment managers are advertising move-in specials to attract new tenants.

The Wall Street Lofts, a luxury complex downtown, has a 65 percent occupancy rate and is 75 percent leased, according to developer Roger Gault. The loft complex is part of a citywide effort to revitalize Midland’s downtown and has attracted strong interest since its completion. A second phase is already in the works. A number of management companies and realty offices also offer single-family home rentals with prices based on the size of the home, location and included amenities. (See the Chamber directory in the back of this magazine.)

Corporate housing is a popular option for larger companies relocating employees to the Tall City. Extended-stay accommodations designed for those requiring a 30-day stay or longer include elegantly furnished apartments and corporate housing with multiple locations in Midland. Some resort-style properties include lush landscaping, fitness centers, pools and spacious floor plans, among other features. Midland Corporate Housing offers fully furnished homes with a wide range of amenities at affordable daily rates for executive and employee housing, with occupancy ranges from three to 300. Corporate Comforts is a temporary housing provider with reasonably priced accommodations perfect for relocating employees, traveling professionals and others who need longer-term properties with all the comforts of home.

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